CFIC Home Mortgage - Retail Subprime
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stories: tampabay.com, denverpost.com
Update - 2009-04-15: The St. Petersburg Times reports that Michael R. Wise, the purported "head" of CFIC and former chairman of Denver's failed Silverado Banking, committed suicide on April 8, 2009. Security video caught Wise pacing on the 9th floor of a parking garage at the Tampa Bay International Airport before he "stepped off the side" as noted in the Denver Post. Authorities at the airport "ruled out any foul play or accident."
Update, Sept 14.: This article points out that Michael Wise, the man running CFIC, was a convicted felon from the S&L bubble era. Apparently he embezzled $8 million+ from Silverado Banking and did 3 years in Leavenworth. But we understand--it must have been hard to find mortgage lending execs without a felony-level criminal record (in the financial services industry) a few years ago. The article also discusses how the company has fudged Wise's job title to avoid regulations--he is not listed as an officer of the company in Florida, for example.
Original post: Many have passed along an announcement from CFIC Home Mortgage (cfic.com) that they will be beginning to "wind up" business in varying states over the coming weeks. Below is an excerpt from the announcement:
According to the CFIC Home Mortgage website, "CFIC Mortgage Consultants close $10 million in loans every business day". At peak, CFIC was in as many as 500 locations nationwide. More recently, CFIC Home Mortgage's locations have numbered closer to 300. We do not know what their daily (or monthly) loan volume is now. Further, sources have estimated the number of employees at CFIC Home Mortgage to be around 200.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.